Citigroup fails to acquire longer freeze on botched Revlon switch By Reuters
© Reuters. FILE PHOTO: A view of the outside of the Citibank company headquarters in New York, New York, U.S. Might 20, 2015. REUTERS/Mike Segar
NEW YORK (Reuters) -A federal decide on Wednesday rejected Citigroup Inc (NYSE:)’s request to increase a freeze on about $504 million it unintentionally despatched a gaggle of Revlon Inc lenders, whereas it appeals his resolution that they will hold the cash.
U.S. District Decide Jesse Furman in Manhattan additionally gave Citigroup seven days to enchantment, and stated if it does his current short-term restraining order over the property will stay in impact pending a ruling.
A spokeswoman for Citigroup had no fast remark.
Citigroup sought the prolonged freeze after Furman dominated on Feb. 16 that 10 asset managers, whose purchasers embody the Revlon lenders, didn’t must return the $504 million.
The dispute arose after Citigroup, performing as Revlon’s mortgage agent, mistakenly used its personal cash final August to repay an $894 million Revlon mortgage that was not due till 2023, when it meant to make solely a small curiosity fee.
In response, asset managers together with Brigade Capital Administration, HPS Funding Companions and Symphony Asset Administration rejected Citigroup’s declare that they obtained a windfall, saying they obtained precisely the quantity the cosmetics firm owed, to the penny.
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